Tag Archives: Attorneys & Title Companies

The Obama administration rolled out an ambitious package of benefits and structural changes Wednesday for homeowners who want to refinance their loans. The plan would cost anywhere from $5 billion to $10 billion and pay for itself with fees exacted from financial institutions. If it makes it into law, the bill would significantly expand refinancing opportunities for underwater borrowers, shift appraisal responsibilities in distressed neighborhoods to an automated system under the GSEs, and offer new servicing reforms.

In less than two weeks, M.D.C. Holdings, Inc., will welcome a new company officer, with the announcement that John M. Stephens will join MDC as the group's chief financial officer, principal accounting officer, and senior vice president. MDC's board of directors recently appointed Stephens to the leadership positions, and his new roles with MDC will become effective on February 13.

Mortgage lender Churchill Mortgage has announced a new addition to its sales force. The company has named Kevin Watson as the regional sales manager for Churchill's middle Tennessee area.

The American Legal & Financial Network (ALFN) recently released a brief statement announcing the resignation of the organization's current president and CEO, William LeRoy. The Missouri-based group extended few details surrounding LeRoy's departure, but the ALFN did indicate that LeRoy's resignation would be effective immediately.

A new federal task group set up to investigate residential mortgage-backed securities fraud made progress Friday when officials signed off on subpoenas for 11 undisclosed financial institutions. Numerous high-ranking federal officials joined New York Attorney General and co-chair Eric Schneiderman at a press conference to outline the Residential Mortgage-Backed Securities Working Group, which President Barack Obama announced he would form during his State of the Union address Thursday.

In Colorado, MountainView Servicing Group has announced the upcoming sale of an estimated $129 million in Ginnie Mae mortgage servicing rights. The servicing portfolio will go on the block on Tuesday, January 31, at noon (EST). MountainView's servicing portfolio auction encompasses 566 loans, and most of the loans - around 99 percent - are Federal Housing Administration fixed-rate mortgages.

As the new year chugs along, Central Pacific Financial Corp. (CPF) has added to its leadership with the announcement that Duane K. Kurisu will join the company's board of directors. With his appointment to CPF's board, Kurisu will now be serving as a director for both CPF and company subsidiary, Central Pacific Bank (CPB).

According to a recent report from the Center for Community Capital at the University of North Carolina, the new regulations surrounding qualified-residential mortgages will require creditworthy borrowers to take on a heavier financial burden when purchasing a mortgage, and many potential buyers may be pushed out of the mortgage market altogether. The controversial QRM rule, which is contained in the Dodd-Frank Act, has been the subject of lengthy debates since it was first proposed, and the regulatory move is largely unpopular both on Capitol Hill and Wall Street.

The Federal Housing Finance Agency (FHFA) reported a 1.0 percent rise in U.S. house prices between the timeframe of October to November. The previously reported 0.2 percent decrease in October was revised downward to reflect a 0.7 percent decrease, according to FHFA. Dr. Alex Villacorta of Clear Capital delivered insights on the recent findings, stating in part, "As this index is calculated using sale prices from only the conforming loan segment of the market, it has a tendency to understate both gains and losses than the broader market."

During the month of November alone, Fannie Mae and Freddie Mac handled approximately 36,000 mortgages versus October's 34,000 mortgages within the Home Affordable Refinance Program. President Obama's most recent proposition aims to assist more households in refinancing, and in the president's recent State of the Union address, he presented possible modifications to the Home Affordable Refinance Program stating that "responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."